Commerce Secretary Wilbur Ross: U.S. Eyeing Billions from 'Clever' Trade Cheats

By Politics

Wilbur Ross: Billions of dollars in fines remain uncollected

U.S. Commerce Secretary Wilbur Ross weighs in on President Trump's trade executive orders and why so many billions in fines have never been collected.

Secretary of Commerce Wilbur Ross told the FOX Business Network’s Stuart Varney the Trump administration is eyeing billions of uncollected fines from countries that violate trade agreements.

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“Clever exporting countries set up shell companies here to be the importer of record, but they don’t really have a lot of financial resources, ” Ross said.  “So by the time we come around and extract the fine there’s nobody there to pay it.”

Ross appeared on Varney ahead of President Trump’s expected signing of two new executive orders cracking down on unfair trade. He said one of the orders will hold trade sharks accountable.

“This new executive order will require them to put up cash, put up letters of credit or get bonding from an insurance company so that we have someone to go against when we win the trade case,” he said.

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